Calgary based Fintech Neo Financial will be launching the Neo World Elite® Mastercard next month. This card will become the second World Elite product on offer from them after the Cathay World Elite® Mastercard® – powered by Neo. This new card is not open for new applications just yet however you can join the waitlist to be notified of when it goes live.
Earn up to 5% cash back
The new card will offer up to 5% cash back on gas and grocery and 2% everywhere else – with a catch. The earn rate will be dependent on how much you hold in deposit balances with Neo Financial. There aren’t a lot of details around this yet, namely what the base earn rate will be regardless of what you hold with Neo and what will be the progressively higher earn rate tiers and the associated balance requirements to receive those rates.
Update: Thanks to Josh C. for pointing out the cash back earn rate is stated to be based on what is held in your Neo Everyday Account. This is the lower interest account with Neo. It is entirely possible that money held in other accounts like the Neo High Interest Account may not count? We’ll reach to Neo to see if we can get more information prior to launch.
The card will also earn the same additional cash back offers from Neo’s partner network that are seen on their Neo Credit and Neo Secured Credit cards.
The FAQ on the new card also states “Cashback is earned off card purchases, subject to spend caps” to which those caps have not been revealed yet.
Annual fee and income requirements
The new card will have a $149 annual fee an as with all World Elite Mastercards in Canada require $80,000 in personal annual income or $150,000 household.
World Elite Mastercard benefits
The card will feature all the standard World Elite Mastercard benefits including Mastercard TravelPass by DragonPass airport lounge access membership, free global Boingo Wi-Fi and more.
There is no word if the card will offer any annual free lounge access passes in addition to membership. It would be great to see another World Elite Mastercard bring in annual passes like we see on the BMO Ascend World Elite Mastercard.
Wrapping it up
In August, Neo Financial will be adding a World Elite Mastercard to their proprietary rewards card catalog. The card will feature up to 5% cash back on spending that will be dependent on how much the cardholder holds in deposits with Neo. Along with the elevated cash back earn rates the card will provide standard World Elite Mastercard benefits. Outside of this we don’t know much about the card and will have to wait until it launches to see how it stacks up against the rest of the premium cards in Canada
Click here to learn more and to join the notification waitlist for this card.
Image via Neo Financial